India’s oil minister stated that foreign oil prices “would have hit the roof” if the major importer had not purchased oil from Russia during the conflict in Ukraine, adding that pricing would dictate the country’s oil supplier.Since Ukraine’s invasion started in early 2022, India, the third-largest oil importer and consumer in the world, has emerged as the leading purchaser of cheap Russian seaborne oil that Western nations have avoided. Prior to then, India purchased very little oil from Russia, its longtime defense ally. New Delhi has frequently justified its imports from Russia, arguing that they are essential to controlling pricing in the 1.42 billion-person developing nation.
India’s energy minister, Hardeep Singh Puri, posted on X late Friday, saying, “What many around the world don’t seem to realize is that global oil prices would have hit the roof if India hadn’t bought oil from Russia.” “We owe it to our citizens—India will buy oil from wherever our companies get the best rates.” India’s imports of crude oil from Russia increased by 11.7% to over 1.9 million barrels per day in September, making up almost two-fifths of the South Asian country’s total imports during that month. Russia was India’s largest supplier, followed by Saudi Arabia and Iraq.
